The homebuyer protection period, the first of its kind in Canada, goes into effect on Jan. 1, 2023.
The three-day cooling-off period will allow a buyer three business days following an accepted offer to conduct due diligence such as inspections, seeking legal advice and confirming financing.B.C. Financial Services Authority made last May to calm the real estate market.
The homebuyer protection period includes a rescission fee of 0.25 per cent of the purchase price, or $250 for every $100,000, for those who choose to back out of a deal. “The homebuyer protection period is something that is long coming and much needed as a modernization package for how homes are purchased in British Columbia and for the stability, accountability and transparency of the entire market,” said Tsur Somerville, senior fellow, UBC centre for urban economics and real estate.
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